证券代码：002440 证券简称：闰土股份 编号：RTIR-2026-002 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 富国基金（张啸伟 黄彦东） 长江证券（王呈） 时间 2026 年 1 月 28 日 上午 10:30-11:30 地点 闰土大厦 2511 会议室 上市公司接待人 员姓名 副总经理、董事会秘书刘波平 投资者关系活动 主要内容介绍 交流的主要内容： 公司副总经理、董事会秘书刘波平先生就染料行业发展概况、染料市场 行情及公司经营方面的相关问题与投资者进行了交流。 1、染料行业竞争格局情况 答：我国已成为世界染料生产数量、贸易数量和消费数量的第一大国， 染料产量约占世界染料总产量的 70%-75%。国内染料主要产区在浙江省、江苏 省和山东省，行业集中度较高。 分散染料主要生产企业为浙江龙盛、闰土股份、吉华集团、安诺其等； 活性染料主要生产企业有闰土股份、浙江龙盛、锦鸡股份等，印度活性染料 产能也已有相当规模。 染料行业属于充分竞争行业，近几年来，境内外染料产能增加，市场竞 | | 争有加剧迹 ...

Market Overview - The Shanghai Composite Index rose by 0.27%, while the Shenzhen Component Index increased by 0.09%. However, the ChiNext Index fell by 0.57% after opening high and dropping over 1% during the day [1] - Over 3,600 stocks in the market experienced declines [2] Sector Performance - Resource stocks led the market, with significant gains in precious metals, oil and gas, and electrolytic aluminum sectors. Notable performances included China Gold with four consecutive trading days of gains, Hunan Gold with three consecutive gains, and China Aluminum hitting a 16-year high [2] - The dyeing and finishing chemicals sector saw collective gains, with Zhejiang Longsheng, Runtou Co., and Yabong Co. reaching their daily price limits [3] - The storage chip sector was active, with Zhongwei Semiconductor and Qipai Technology both hitting their daily price limits [4] - Conversely, the pharmaceutical and medical sectors faced significant declines, with Baipusais and Bibete dropping over 10%, and Heng Rui Pharmaceutical experiencing 11 consecutive days of decline [5] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion yuan, an increase of 704 billion yuan compared to the previous trading day [6] Individual Stock Highlights - Zijin Mining had a trading volume exceeding 27.2 billion yuan, while Zhongji Xuchuang reached over 20.8 billion yuan in trading volume [7] - Notable individual stock performances included: - Zijin Mining: +4.16%, latest price 42.30 yuan, trading volume 27.285 billion yuan [8] - Zhongji Xuchuang: +2.01%, latest price 628.00 yuan, trading volume 20.819 billion yuan [8] - BlueFocus: -8.29%, latest price 20.36 yuan, trading volume 18.446 billion yuan [8] - Ningde Times: +0.17%, latest price 339.99 yuan, trading volume 15.638 billion yuan [8] - Sunshine Power: -3.34%, latest price 152.90 yuan, trading volume 14.757 billion yuan [8]

今日早盘，A股小幅震荡，主要股指涨跌互现，上证指数、深证成指、北证50等小幅飘红，科创50、创 业板指等则小幅下挫。下跌个股远多于上涨个股，成交保持平稳。 盘面上，贵金属、油服工程、分散染料、玻璃玻纤等板块涨幅居前，航天装备、光伏设备、外骨骼机器 人、教育培训等板块跌幅居前。 恒生指数大涨逾2%，创5年半来新高。 化工股全线上涨 化工股集体走强，分散染料方向领涨，板块指数盘中放量大涨逾4%，创近7年来新高，开盘不到1小时 成交就超过昨日全天成交。锦鸡股份直线20%涨停，亚邦股份、闰土股份、浙江龙盛均仅用约4分钟时 间垂直涨停。 2026年以来，化工行业掀涨价潮。上游原材料价格集体走高，成本压力沿产业链层层传导，颜料、涂料 等多个细分领域企业密集发布调价公告。 染化严选数据显示，2026年以来，2-氯-4-硝基苯胺价格迅速攀升，由2025年每吨2.5万元上涨至目前3.8 万元，涨幅超50%。2-氯-4-硝基苯胺，对分散蓝、紫、红色系至关重要，占染料成本20%—30%。 贵金属概念股继续大幅飙升，板块指数早间高开高走飙涨逾9%，再创历史新高。飞南资源、晓程科技 均在临近午间收盘20%涨停，白银有色（维权）连续第7 ...

截至午间收盘，沪指涨0.49%，报4160.01点，深成指涨0.09%，报14342.74点，创业板指跌0.37%，报3330.39点，科创50指数跌0.73%，报1544.62 点。沪深两市合计成交额19126.49亿元，全市场超3300只个股下跌。 责任编辑：栎树 资源股集体爆发，贵金属、油气方向领涨，中国黄金4连板，湖南黄金3连板，四川黄金10天6板，招金黄金8天5板，中国海油涨超7%续创历史新 高，石化油服、准油股份涨停。 分散染料概念集体走高，浙江龙盛、闰土股份、亚邦股份涨停。存储芯片概念表现活跃，普冉股份涨超15%续创历史新高，气派科技20CM涨停。 下跌方面，病毒防治概念集体下挫，之江生物跌超9%。 光伏股集体下跌，东方日升跌超7%，福斯特、钧达股份跌超5%，协鑫集成、天合光能、德业股份、亿晶光电、阳光电源跌超4%。 国内商品期货多数上涨，集运欧线涨超5%，沪铝、沥青、铝合金涨超4%，氧化铝涨超3%，沪金涨近3%，沪银、原油、燃料油、沪锌、沪锡涨超 2%，纯苯、尿素、甲醇、豆油涨超1%。跌幅方面，碳酸锂跌超2%，不锈钢、沪镍、多晶硅跌超1%。 股票频道更多独家策划、专家专栏，免费查阅>> ...

Group 1 - The three major indices showed mixed performance, with the Shanghai Composite Index rising while the ChiNext Index experienced a decline of over 1% at one point [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.91 trillion yuan, an increase of 39.3 billion yuan compared to the previous trading day [1] - Over 3,500 stocks in the market declined, indicating a broader market weakness despite some sectors performing well [1] Group 2 - Resource stocks saw a collective surge, with precious metals and oil & gas sectors leading the gains; notable performers included China Gold with four consecutive trading limits and China National Offshore Oil Corporation rising over 7% to set a new historical high [1] - The disperse dye concept stocks also performed strongly, with Zhejiang Longsheng, Runtu Co., and Yabang Investment hitting their trading limits [1] - Storage chip concept stocks were active, with Puran Co. rising over 15% to reach a new historical high, and Gipai Technology hitting the 20% trading limit [1] Group 3 - In contrast, the virus prevention concept stocks collectively fell, with Zhijiang Biology dropping over 9% [1] - At the close, the Shanghai Composite Index rose by 0.49%, the Shenzhen Component Index increased by 0.09%, while the ChiNext Index fell by 0.37% [1]

Core Viewpoint - The dispersed dye sector has seen a collective surge, with stocks such as Zhejiang Longsheng, Runtou Co., and Yabong Co. hitting the daily limit, driven by rising prices of core intermediates and dyes [1] Group 1: Market Performance - The dispersed dye concept stocks collectively rose, with Zhejiang Longsheng, Runtou Co., and Yabong Co. reaching the daily limit [1] - Other companies like Jinjiji Co., Jihua Group, and Annuoqi also experienced gains [1] Group 2: Price Dynamics - According to a report from CITIC Securities, the price of the core intermediate for dispersed dyes, reducing agents, has increased from 25,000 to 38,000, marking a 50% rise [1] - On January 22, the price of dispersed black dye increased by 1,000 yuan, with expectations for continued price increases in the future [1]

Core Viewpoint - Runtao Co., Ltd. (002440.SZ) is expected to achieve significant growth in its 2025 performance, driven by both its main business and investment activities, with projected net profit ranging from 600 million to 700 million yuan, representing a year-on-year increase of approximately 181.05% to 227.89% [1][2] Group 1: Main Business Performance - The main business of Runtao Co., Ltd. includes the research, production, and sales of textile dyes, printing and dyeing auxiliaries, and chemical raw materials, with a focus on dyes and auxiliaries [2] - After a decline in 2022 and 2023, the company's main business began to recover in 2024, achieving an operating income of 5.695 billion yuan, a year-on-year increase of 1.91%, and a net profit of 213 million yuan, a year-on-year increase of 366.42% [2] - In the first three quarters of 2025, the company reported a significant improvement in profitability, with operating income of 4.163 billion yuan, a year-on-year increase of 2.25%, and a net profit of 225 million yuan, a year-on-year surge of 49.10% [2] Group 2: Investment Contributions - The explosive growth of the investment business has been a key driver for Runtao Co., Ltd.'s performance in 2025, with tax-pre profit investment income estimated at around 330 million yuan, accounting for 55% of the lower limit of the projected net profit [4] - The company has been proactive in cross-industry investment since 2019, establishing an investment system through its wholly-owned subsidiary, Runtao Jinheng, with over 300 million yuan invested in multiple industry funds focusing on emerging fields such as artificial intelligence and semiconductors [4] - The investment in Muxi Co., a leading company in the high-performance general GPU sector, has been highlighted as a successful case, contributing significantly to the company's core earnings [4][5] Group 3: Market Trends and Future Outlook - The dye industry is experiencing a differentiation pattern in 2025, characterized by pressure on traditional categories and premium pricing for high-end products, which Runtao Co., Ltd. is navigating through vertical integration and optimized capacity layout [2][3] - The company's gross margin has shown an upward trend over the past three years, with a gross margin of 18.98% in the first three quarters of 2025, compared to 15.78% in 2023 and 17.41% in 2024 [3] - The stock price of Runtao Co., Ltd. has seen a significant increase since 2026, with a cumulative rise of 20.69% over five trading days from January 19 to 23 [6]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable recovery in demand, with oil prices expected to remain in a range of $55-70 per barrel due to OPEC+ production delays and improved global economic conditions [4][5]. - The report highlights a recovery in spandex prices, an ongoing improvement in titanium dioxide supply and demand, and an anticipated acceleration in dye supply clearance [4][5]. - The investment strategy suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export chains, with specific company recommendations provided [4][5]. Industry Dynamics - Oil: OPEC+ has delayed production increases, and shale oil production has peaked, leading to a slowdown in supply growth. Demand is stabilizing with improved global economic conditions [5]. - Spandex: The overall operating rate in the spandex industry has increased from 79% to 87%, with prices rising by 1,000 CNY per ton as of January 20, 2026 [4][5]. - Titanium Dioxide: The closure of production facilities by major companies is expected to improve profitability, with recommendations to focus on leading companies in this sector [4][5]. - Dyes: The price of core intermediates for disperse dyes has increased by over 50%, indicating a potential industry clearance [4][5]. Investment Analysis - The report suggests a diversified investment approach across various chains, including textiles, agriculture, and export-related chemicals, with specific companies highlighted for potential growth [4][20]. - Key materials for semiconductor and panel manufacturing are emphasized, with recommendations for companies involved in these sectors [4][5]. - The report also notes the importance of focusing on companies that can achieve self-sufficiency in critical materials [4][5].

证券日报网讯1月23日，福莱蒽特（605566）在互动平台回答投资者提问时表示，公司主要产品为高水 洗牢度、高日晒牢度和环保型分散染料和滤饼，不涉及光刻胶产品。 ...

Investment Rating - The report upgrades the investment rating to "Buy" from "Hold" based on positive expectations for the dye industry during the 14th Five-Year Plan period [3]. Core Insights - The company forecasts a significant increase in net profit for 2025, estimating a range of 600 to 700 million yuan, representing a year-on-year growth of 181% to 228% [1]. - The growth in net profit is primarily driven by improvements in the operations of reactive dyes and basic chemicals, with a notable increase in non-recurring gains expected from investments [1][3]. - The report anticipates a continued upward trend in the prices of disperse dyes, with an expected average price of 17,000 yuan per ton in 2025 and a further increase to 18,000 yuan per ton in 2026 [2]. Financial Summary - The company projects revenues of 6,001 million yuan for 2025, with a growth rate of 5.38% compared to 2024 [4]. - The estimated net profit for 2025 is 650 million yuan, reflecting a growth of 204.4% from 2024 [4]. - The earnings per share (EPS) is expected to be 0.58 yuan in 2025, with a price-to-earnings (P/E) ratio of 16.24 [4][10]. - The company has a total production capacity of approximately 238,000 tons per year, with a market share ranking among the top two in the domestic market [2].